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Stocks rallied Tuesday, rebounding from a sharp selloff in the previous session, as traders navigated rising global trade fears as well as increasing attacks from President Donald Trump toward Federal Reserve Chair Jerome Powell.
The Dow Jones Industrials rocketed 870.11 points, or 2.3%, to 39,040.52.
The S&P index climbed 120.7 points, or 2.3%, to 5,278.90
The NASDAQ Composite spiked 400.68 points, or 2.5%, to 16,271.58.
Tesla shares rose 5% ahead of the company’s first-quarter report after the bell. Netflix climbed 7%, while Meta picked up 2% and Amazon advanced 4%. Manufacturing conglomerate 3M rose 7% on the back of better-than-expected earnings, leading the blue-chip Dow higher.
Tuesday’s action comes on the heels of a sharp selloff. The Dow dropped more than 970 points in the regular session, while the S&P 500 and NASDAQ both slid more than 2%. Monday marked the fourth straight losing session for the Dow and NASDAQ.
Investors grew increasingly uncertain after Trump posted on Truth Social that the economy would slow if the Fed did not cut interest rates. In the latest of multiple recent posts calling out Powell by name, he called the Fed chief “Mr. Too Late” and a “major loser.”
Trump hinted at Powell’s “termination” last week, an unprecedented action that White House economic advisor Kevin Hassett said the president’s team was currently studying. Powell has said he cannot be fired under law and intends to serve through the end of his term in May 2026.
Prices for the 10-year Treasury regained strength Tuesday, raising yields to 4.39% from Monday’s 4.41%. Treasury prices and yields in opposite directions.
Oil prices jumped $1.58 to $64.66 U.S. a barrel.
Prices for gold advanced $10.20 to $3,435.50 U.S.